2021 (3) TMI 901

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....to quash and set aside the impugned notice dated 15.12.2017 under section 148 of the Income-Tax Act, 1961 annexed hereto at Annexure-D along with objection rejection order dated 17.08.2018 annexed hereto at Annexure-H for proceeding and completing Reassessment proceedings. (B) Pending admission, hearing and disposal of this petition, ad-interim relief be granted and the Respondent be ordered to restrain from enforcing compliance of the impugned notice dated 15.12.2017 under section 148 of the Income-Tax Act, 1961 annexed hereto at Annexure-D and/or taking any other steps in this regard including reassessment order or implementation of objection rejection order dated 17.08.2018 Annexure-H and further notices issued for purpose of reassess....

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....eligible for deduction u/s.35 (2AB). 3. it is further noticed that Rs. 54,83,086/- (Rs. 2,73,88,086 claimed by assessee less Rs. 2,19,05,000 admitted by DSIR) u/s. 35(2AB) was disallowed during the assessment proceeding. Therefore, the total deduction allowed to assessee u/s. 35 of the Act was of Rs. 5,31,84,533/- (Rs. 2,83,53,871 + 29,25,662 + 2,19,05,000). 2.2 The total deduction allowable was of Rs. 4,38,10,000/- being 2 times of expenditure of Rs. 2,19,05,000 approved by DSIR. As total revenue expenditure was of Rs. 2,83,53,871/- and total capital expenditure was of Rs. 29,25,662 on R & D as per P/L, Balance sheet and submission of assessee and also stipulation that expenditure under any sub-section of section 35 cannot be claimed....